BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date: 01.12.2020 Misc. Application No. 516 of 2020 (Urgent Hearing) And Appeal Lodging No. 478 of 2020 Rana Kapoor …Appellant Versus Securities and Exchange Board of India …Respondent Mr. Tomu Francis, Advocate with Mr. Arka Saha, i/b Khaitan & Co. for the Appellant. Mr. Fredun DeVitre, Senior Advocate with Mr. Mihir Mody, Mr. Arnav Misra and Mr. Shehaab Roshan, Advocates i/b K. Ashar & Co. for the Respondent. ORDER:

1. We have heard Mr. Tomu Francis, learned counsel for the

appellant and Mr. DeVitre, learned senior counsel for the respondent through video conference.

2. Urgency Application is disposed of.

3. The question which arises for consideration is, whether the

guarantee given by the appellant was required to be disclosed under regulation 4 of the SEBI (Listing Obligations And Disclosures Requirements) Regulations. If the same was required to be disclosed then whether the Adjudicating Officer was justified in imposing a maximum penalty of Rs. 1 crore.

4. Let a reply be filed by the respondent within four weeks

from today. Two weeks thereafter to the appellant to file rejoinder. The matter would be listed for admission and for final disposal on January 12, 2021.

5. In the meanwhile, if the appellant deposits a sum of Rs. 50

lakhs within four weeks from today the balance amount shall not be recovered during the pendency of the appeal. The amount so deposited shall be kept in an interest bearing account which would be subject to the result of the appeal.

6. Parties are directed to take instructions from the Registrar

48 hrs. before the date fixed in order to find out as to whether the matter would be taken up for hearing through video conference or through physical hearing.

7. The present matter was heard through video conference

due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email. Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR Justice Tarun Agarwala PRADESH, postalCode=221505, st=Uttar Pradesh, TARUN 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7ac2ab 7954d509c85ed6e0f7c41, serialNumber=095f8b286bb0b1cd07ff676611f4f5e7999727 Presiding Officer d404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL AGARWAL Date: 2020.12.01 16:07:38 +05'30' Justice M. T. Joshi Judicial Member 01.12.2020 PK